City
Epaper

US tariffs on $7.5 billion worth EU goods take effect

By IANS | Updated: October 18, 2019 12:00 IST

The US tariffs on products from the European Union (EU) worth $7.5 billion took effect on Friday midnight.

Open in App

The US Trade Representative's office confirmed that the new duties entered into force at 12.01 a.m., reports Efe news.

The tariffs were imposed in response to a ruling on october 2 by the World Trade Organization (WTO) that backed the US in a long-standing dispute over subsidies to European aerospace company Airbus, which Washington claimed were illegal.

In its ruling, which dealt a crushing blow to already-fragile US-EU trade relations, the WTO said that Washington could impose trade sanctions worth $7.5 billion annually on the bloc.

The EU, which is waiting for the WTO to rule on a similar case on US subsidies to American aerospace company Boeing, has warned that it could slap similar tariffs.

The four most affected countries - as a bulk of the tariffs will be applied to their goods - are France, Germany, Spain and the UK as, according to the WTO ruling, they offered loans to Airbus at a lower interest rate than the market, which allowed the company to develop some of its most recent and advanced models.

Among the EU products subjected to an additional 25 per cent ad valorem tariff are fresh cheese, olives and olive oil from Spain; wine and cheese from France; coffee, cookies and waffles from Germany; whiskey and sweets from the UK; and also Italian cheese.

US President Donald Trump boasted on Wednesday that Washington could not lose a tariff war, as had been supposedly proven in the ongoing trade dispute with China, despite no evidence to that claim.

"We're winning; in the case of the EU, $7.5 billion. And Italy has a percentage of that to pay," Trump said during a joint press conference with his Italian counterpart, Sergio Mattarella, at the White House.

( With inputs from IANS )

Tags: usWTOeuDonald Trumpwashington
Open in App

Related Stories

InternationalUS Visa Waiver Program: Can Indian Passport Holders Enter the US Without Visa? Citizens of 41 Countries Get Free Entry

InternationalPahalgam Attack: Trump, Putin, and Global Leaders Express Solidarity with India

InternationalPahalgam Terror Attack: US President Donald Trump Offers Condolences, Pledges Full Support to India

BusinessGlobal Tech Firms Eye India for Manufacturing Amid US-China Tensions

InternationalIllinois Plane Crash: 4 Killed After Cessna C180G Aircraft Goes Down After Hitting Power Lines in Trilla

International Realted Stories

InternationalPakistan: Court sentences main accused in Imran Khan attack case to life in prison

InternationalSenior Hamas delegation arrives in Cairo to hold talks with Egyptian officials for ceasefire agreement

InternationalEgypt FM expresses solidarity with J-K attack victims

InternationalIran President condemns Pahalgam terror attack, conveys condolences to victims

InternationalUAE President conveys condolences to PM Modi over Pahalgam terror attack